Venture capital investments in Europe totaled $55.6B (€54.4B) in the year's first half. Assuming the rate stays constant, the region is on track to rake in over $102B (€100B) of funding come year-end for the second consecutive year. The U.K. and Ireland were the biggest fundraisers, together receiving 32.8% of the funding in the first quarter, amounting to $18.3B (€17.9B). More: - Funding declined by 10.6% in the second quarter compared to the preceding quarter.
- European late-stage firms secured $37B (€36.1B) of capital, which represents 66.3% of the total.
- At $11B (€10.8B), France and Benelux region received the second highest funding in Q2, followed closely by the DACH region, consisting of Germany, Austria, and Switzerland, at $10.4B (€10.2B).
- As a result of the turbulent macroeconomic landscape, many European firms announced layoffs in the second quarter, including Getir, Zapp, and Gorillas.
- Valuations of several firms have plummeted, including Klarna's, which dropped from $45.6B to $6.5B at its latest $800M funding round.
- The report notes that "VC is a long-term strategy, and we believe dealmaking will flatten rather than collapse in the current climate given the record-breaking YoY pace set in the past few years."
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 Bessemer Ventures QoQ funding participation The centenarian venture capital firm Bessemer Venture Partners maintained its consistency of deal participation, backing 64 deals in H1 2022 compared to 71 deals in the first half of last year. However, the total funding value of deals it participated in dropped from $5.3B in H1 last year to $2.5B, in line with the overall venture funding cooldown. More: - The three largest funding rounds that Bessemer participated in this year are Axionus’ $200M Series E, Sensors Data’s $200M Series D, and Guild Education’s $175M Series F, all late-stage funding rounds.
- Through all of last year, the firm participated in $11B worth of financing across 133 rounds.
- Earlier this year, the firm filed an application with the U.S. SEC to become a registered investment advisor, with the aim of allocating more than 20% of its capital to other asset classes, including secondary shares and cryptocurrency tokens.
- It also allocated $250M from its new $2.5B fund to invest in crypto.
- The firm has over $19B in assets under management.
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- Raising over $100M from over 15,000 investors
- Elon Musk shouted out the Las Vegas-based company calling Boxabl a “cool product.”
- Achieving LEED certification and hurricane wind ratings on all houses
- Strategic partnership and investment from the largest home builder in the USA, D.R. Horton Inc.
- Over 50 patent filings due to considerable innovations in building technology
- Factory 2 is now under construction
- Customer waitlist of over 100,000 pre-orders, indicating potential demand worth billions of dollars
- Guided by Volkswagen Group's Porsche Consulting Inc. for the design and implementation of Boxabl’s new factory
- Shipping houses every day
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Qonto, a French digital banking solution for SMEs, is set to acquire its German counterpart, Penta. With the acquisition, Qonto hopes “to become the market leader in Germany — the largest European SME banking market” by taking the 50,000 customers served by Penta under its wing. The firm already has a presence in Germany, France, Italy, and Spain, catering to a total of 250,000 SMEs across the region. More: - Financial terms of the agreement were not disclosed.
- Earlier this year, the Berlin-headquartered Penta was seeking to raise new funding at a $453M (€400M) to $557M (€500M) valuation.
- Qonto, meanwhile, had raised ~$497M (€486M) in January at a $4.5B (€4.4B) valuation.
- Tiger Global had led the Series D funding round, which the firm raised to back M&As.
- It is expected that the deal will close in the coming weeks, subject to regulatory approvals.
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Switzerland-headquartered investment firm LGT Capital Partners held the final close of its third co-investment fund. The Crown Co-investment Opportunities III (COO III) fund received $2B capital from over 60 institutional investors. The oversubscribed fund closed higher than its initial target of $1.5B. More: - LGT will invest in the Asia Pacific region in line with the investment strategy of its predecessor fund.
- The fund will also support buyout deals for the North American and European regions.
- The fund sits alongside the firm’s latest Crown Asia Pacific Private Equity V (CAPE V) fund, which closed last month at its hard cap of $1.65B, against an initial target of $1B.
- CAPE V’s predecessor fund CAPE IV attracted $1B of investments in 2020.
- With the new fund, LGT Capital Partners' assets under management now total $85B.
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Belgium-based Tree Energy Solutions (TES) closed a new $66.5M (€65M) financing to make Europe a green energy hub. The firm intends to use the funds to build several renewable hydrogen projects across Europe by 2030. The fundraising, the firm’s second to date, saw participation from E.on, HSBC, UniCredit, and Zodiac Maritime. More: - One of the projects TES is building includes a green energy hub in Wilhelmshaven, Germany.
- The project, once completed, will be able to manufacture 5.5 million tonnes of green hydrogen and provide 250 TWh of green gas annually.
- Per FT’s sources, the firm’s valuation rose to $716M (€700M) in the recent funding round.
Zoom out: - The EU is pushing for its nations to adopt hydrogen in a bid to reduce its dependence on other sources of energy, specifically carbon-based fuels.
- It recently announced $5.5B (€5.4B) in funding for hydrogen projects, with which it intends to back 35 startups and SMEs in the region.
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Theator extended its Series A funding round with a $24M investment. The additional funding brings the total under the Series A round to $39.5M, adding to its initial $15.5M fundraise from Feb. 2021. Insight Partners led the current follow-on funding. More: - Theator is a surgical intelligence platform that aims to improve surgical performance by using AI to analyze surgical videos and provide insights.
- Overall, the firm had raised $42.5M in funding.
- Strategic investor Mayo Clinic will deploy the Palo Alto, Calif.-based company’s platform in its operations.
- New investors iCON and Ariel Cohen joined existing backers Blumberg Capital, NFX, StageOne Ventures, and iAngels in the funding.
- Theator’s platform has analyzed 30,000 hours of anonymized videos provided by its partners, including the Canadian Association of General Surgeons.
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- Ambienta SGR, a private equity firm, closed its fourth fund at a $1.58B (€1.55B) hard cap. The firm will invest in environment sustainability startups across Europe.
- A dedicated venture fund is being raised by Atreides Management LP. Funds will also be used in structured equity round deployments and to take public companies private. Gavin Baker leads the $3B hedge fund.
- Cloud-based orchestration solution Zededa closed its Series B funding round at $26M, bringing its total funds raised to date to $55M. Participants in the funding include Coast Range, Lux Capital, Porsche Ventures, Chevron Technology Ventures, Rockwell Automation, and Samsung Next, amongst others.
- DeFi trading platform Hashflow was valued at $400M during its $25M Series A fundraiser. Jump Crypto, GSR, QCP Altonomy, Dragonfly Capital, Electric Capital, and others backed the funding.
- Huntress, a cybersecurity platform for SMEs, acquired Curricula for $22M. The latter enables employees to defend themselves against hackers through security awareness training.
- Alternative assets hedge fund Hedonova raised $18.4M in Series A1 funding at a $330M valuation. The strategic investment was provided by Chemie-Tech DMCC.
- See how to make sense of the security industry’s infamous “alphabet soup” of acronyms and complex technical tools.*
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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